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Ten-Year Note Auction Attracts Strong Demand

Continuing this week's announcements of the results of its long-term securities auctions, the Treasury Department revealed Tuesday that its auction of $32 billion worth of ten-year notes attracted much stronger than average demand.

The ten-year note auction drew a high yield of 0.700 percent and a bid-to-cover ratio of 2.69.

Last month, the Treasury sold $25 billion worth of ten-year notes, drawing a high yield of 0.782 percent and a bid-to-cover ratio of 2.43.

The bid-to-cover ratio is a measure of demand that indicates the amount of bids for each dollar worth of securities being sold.

The ten previous ten-year note auctions had an average bid-to-cover ratio of 2.42.

On Monday, the Treasury revealed that its auction of $42 billion worth of three-year notes also attracted above average demand.

The Treasury is scheduled to announce the results of its auction of $22 billion worth of thirty-year bonds on Wednesday.

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